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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Welsh Ind.It | LSE:WII | London | Ordinary Share | GB0009477653 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 270.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7259N Welsh Industrial Inv Trust PLC 18 July 2003 WELSH INDUSTRIAL INVESTMENT TRUST plc 36 Elder Street, London E1 6BT Chairman's Statement The revenue profit before taxation for the year ended 5th April, 2003 was #85,099 against #37,089 in the previous year. Dividend and interest income rose to #178,685 (2002: #149,802) and the share dealing loss reduced to #17,156 (2002: #36,697). Expenses were held at the previous year's level, despite an increase of #3,500 to nearly #11,000 in listing and regulatory fees. After a nil tax charge (2002: 6.8%) and the preference dividend payment, the profit attributable to ordinary shareholders was #81,161 or 6.01p per share (2002: #30,631 or 2.27p). The net asset value fell during the year by 24.1% to 336.68p per share against a fall of 28.2% in the FT All Shares Index. The principal underlying factor was a sharp fall in Transense Technologies, offset to some extent by the introduction of Image Scan to the AIM market; referred to in my statement of last year. I would remind shareholders that the Company has a very good growth record. Over the ten years ended 5th April, 2003 the net assets per share have increased by 115.8%, whilst over the same span the FT All Shares Index has risen by 31.1%. Whilst we continue our search for growth opportunities and against an uncertain market background, we have consciously sought an increased proportion of stocks with good dividend characteristics. The increase in the company's attributable income this year enables the Board to propose payment of an increased dividend, namely 6.3p against 5.0p for the previous year. A P Stirling 18th July, 2003 Registered at the above address. Registered in England No. 805968 WELSH INDUSTRIAL INVESTMENT TRUST PLC PRELIMINARY FINAL STATEMENT CONSOLIDATED STATEMENT OF TOTAL RETURN for the year ended 5th April, 2003 2003 2002 Revenue Capital Total Revenue Capital Total #' 000 #' 000 #' 000 #' 000 #' 000 #' 000 Losses on - (1,441) (1,441) - (262) (262) investments Income 161 - 161 115 - 115 Other (76) - (76) (78) - (78) Expenses ------ ------ ------ ------ ------ ------ Return on ordinary activities before 85 (1,441) (1,356) 37 (262) (225) taxation Taxation - - - (2) - (2) ------ ------ ------ ------ ------ ------ Return on ordinary activities after 85 (1,441) (1,356) 35 (262) (227) taxation Dividends in respect of (4) - (4) (4) - (4) non-equity shares ------ ------ ------ ------ ------ ------ Return on ordinary activities attributable to equity 81 (1,441) (1,360) 31 (262) (231) shareholders Dividends in respect of (85) - (85) (68) - (68) equity shares ------ ------ ------ ------ ------ ------ Transfer from (4) (1,441) (1,445) (37) (262) (299) reserves ====== ====== ====== ====== ====== ====== Basic return per 6.01p (106.71)p (100.70)p 2.27p (19.41)p (17.14)p ordinary share ====== ====== ====== ====== ====== ====== Notes: (i) The revenue column of this statement is the consolidated profit and loss account of the group. (ii) Dividends - Ordinary shares: - proposed final dividend of 6.3p per share (2002: 5.00p) #85,050 #67,500 (iii) The summary of results for the year ended 5th April, 2003 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The full statutory accounts, which will be available to shareholders by 23rd July, 2003, have been reported on by the Company's auditors and received an unqualified audit report and will be delivered to the Registrar of Companies. Full accounts in respect of the year ended 5th April, 2002 have been delivered to the Registrar of Companies and the Auditors' Report on those accounts was also unqualified. (iv) Basic revenue and capital returns per ordinary share are based on the return on ordinary activities attributable to equity shareholders of #81,000 (2002: #31,000) and on the capital loss of #1,441,000 (2002: #262,000) respectively and on 1,350,000 (2002: 1,350,000) ordinary shares in issue during the year. WELSH INDUSTRIAL INVESTMENT TRUST PLC PRELIMINARY FINAL STATEMENT CONSOLIDATED BALANCE SHEET As at 5th April, 2003 2003 2002 #'000 #'000 Fixed asset investments Securities 4,614 6,010 ======== ======== Current assets 113 133 Creditors - amounts falling due Within one year 137 108 -------- -------- Net current assets/(liabilities) (24) 25 -------- -------- Total assets less current 4,590 6,035 liabilities ======== ======== Capital and reserves Called up share capital 112 112 Other reserves Capital reserve - 4,743 4,951 realised Capital reserve - (418) 815 unrealised Revenue reserves 153 157 -------- -------- Total shareholders' funds 4,590 6,035 ======== ======== Total shareholders' funds are attributable to: Equity shareholders 4,545 5,990 Non-equity shareholders 45 45 -------- -------- 4,590 ,035 ======== ======== Basic Net asset value per ordinary share 336.68p 443.69p ============ ======== Notes: The basic net asset value per ordinary share is calculated by reference to the group net assets as at 5th April, 2003 of #4,545,000 (2002: #5,990,000) and 1,350,000 (2002: 1,350,000) ordinary shares being the number of ordinary shares in issue at the year end. WELSH INDUSTRIAL INVESTMENT TRUST PLC PRELIMINARY FINAL STATEMENT CONSOLIDATED CASH FLOW STATEMENT for the year ended 5th April, 2003 2003 2002 Notes #'000 #'000 Cashflow from operating activities Investment income received 175 130 Deposit interest received 3 20 Share dealing (loss) /profit (8) 6 Other income - 2 Other cash payments (126) (102) ----- ----- Net cash inflow from operating 1 44 56 activities ===== ===== Returns on investment and servicing of finance Preference dividends paid (4) (4) ===== ===== Taxation UK income tax - 6 received ===== ===== Capital expenditure and financial investment Purchase of (706) (1,387) investments Sales of investments 661 486 ----- ----- (45) (901) ===== ===== Equity dividends paid (67) (112) ===== ===== Cash outflow before management of liquid resources (72) (955) and financing Management of liquid resources Purchase of listed securities held for (88) (184) dealing Sale of listed securities held for 126 120 dealing ----- ----- Cash inflow/(outflow) from management of 38 (64) liquid resources ===== ===== Decrease in cash 2 (34) (1,019) ===== ===== STATEMENT OF MOVEMENT IN SHAREHOLDERS' FUNDS ----------------------- 2003 2002 #'000 #'000 Attributable to Equity shareholders Profit for the financial 85 35 year Dividends (89) (72) ----- ----- Retained loss for the financial (4) (37) year Net movement on capital reserves (1,441) (262) ----- ----- (1,445) (299) Opening 5,990 6,289 funds ----- ----- Closing 4,545 5,990 funds ===== ===== Attributable to Non-equity shareholders Opening and closing funds 45 45 ===== ===== Total shareholders' funds at 5th 4,590 6,035 April ===== ===== WELSH INDUSTRIAL INVESTMENT TRUST PLC PRELIMINARY FINAL STATEMENT NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT for the year ended 5th April, 2003 1. Reconciliation of operating profit to operating cash flows. 2003 2002 #'000 #'000 Profit on ordinary activities 85 37 before taxation Net share dealing loss in 9 43 year (Increase)/decrease in (61) 4 debtors Increase/(decrease) in 11 (28) creditors ----- ----- Net cash flow from operating 44 56 activities ===== ===== 2. Reconciliation of cash flows to movement in net funds 2003 2002 #'000 #'000 Decrease in cash during (34) (1,019) the year Cash (outflow)/inflow from decrease in (38) 64 liquid resources ------ ----- Change in net funds resulting from (72) (955) cash flows Net share dealing loss (9) (43) in year ------ ----- Movement in net funds during the (81) (998) year Net funds at start of 132 1,130 year ------ ----- Net funds at end of 51 132 year ====== ===== This information is provided by RNS The company news service from the London Stock Exchange END FR UWVOROBRBAAR
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